060-38 Wyo. Code R. §§ 38-8 - Security
(a) Every loan
shall be evidenced by a promissory note or loan agreement for the principal sum
of the loan.
(b) Loans shall be
adequately secured to the Board's satisfaction. Loans may be secured with:
(i) Pledge of the revenues from the project
for which the loan was granted;
(ii) Pledge of other available revenues to
the borrower;
(iii) A mortgage
covering all or part of the project, or a pledge of the lease of the
project;
(iv) An assignment of
lease revenues; and/or
(v) Any
other security deemed adequate to secure repayment of the loan.
(c) If an appraisal is required,
the applicant shall be responsible for ensuring one is completed prior to
submitting a loan application. Office staff shall review and approve the
methodology used for valuation and the overall market value prior to loan
closing.
(d) The Board may require
a first-position security interest in the revenue-generating facility and the
user fees or assessments.
Notes
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